Bitcoin already peaked
It seems to me that Bitcoin has reached it's all time high of $63000
It is highly unlikely that bitcoin will go higher than that before hitting $25000-$30000. If daily today and tomorrow ends up in the red, the probability of another all time high before major crash is unlikely.
I will begin my shorting now and prepare some additional sell orders at $55 000.
It will be very difficult to determine the top if this bull run, so this position should be only a small percentage of a portfolio.
I would like to note that shorting this asset is difficult and has a high probability of failure due to extreme volatility. Shorting Bitcoin should definitely be only a small proportion of your portfolio used as a hedge. Meanwhile I believe that some cryptos (like Cardano) still have potential so I will keep investing in them.
It is much more likely that Bitcoin is massively overvalued (especially because it's an inferior system) than some other crypto (investigate yourselves) is overvalued. There is a high probability that all crypto is overvalued but I can live with that.
Therefore, if Bitcoin doesn't fail, I am certain that I will gain some money on other investments.
However, if both fails, I would rather be holding the bags of an useful project than an useless asset.
This is simple long term risk and reward strategy. It shouldn't be difficult to agree on it.
It is highly unlikely that bitcoin will go higher than that before hitting $25000-$30000. If daily today and tomorrow ends up in the red, the probability of another all time high before major crash is unlikely.
I will begin my shorting now and prepare some additional sell orders at $55 000.
It will be very difficult to determine the top if this bull run, so this position should be only a small percentage of a portfolio.
I would like to note that shorting this asset is difficult and has a high probability of failure due to extreme volatility. Shorting Bitcoin should definitely be only a small proportion of your portfolio used as a hedge. Meanwhile I believe that some cryptos (like Cardano) still have potential so I will keep investing in them.
It is much more likely that Bitcoin is massively overvalued (especially because it's an inferior system) than some other crypto (investigate yourselves) is overvalued. There is a high probability that all crypto is overvalued but I can live with that.
Therefore, if Bitcoin doesn't fail, I am certain that I will gain some money on other investments.
However, if both fails, I would rather be holding the bags of an useful project than an useless asset.
This is simple long term risk and reward strategy. It shouldn't be difficult to agree on it.
Order cancelled
This could change. Wait till $55 000 and see.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.